Voluntary repossession

[Barryn514]

If you work out the balance with the bank they can not do this.

Respectfully, they do it all the time, if you owe a deficiency. With that being said, if you work out a payment plan for the deficiency, they may not but in most cases the debtor defaults on the agreement.  Get it in writing!!  Am sure that most lenders have their collateral contracts wrote differently. I would read your contract!

I deal with this everyday.

Like I said.

 

[dave61]

This is a lot of money. Assume you have spoken to your lender since you have been trying a short sale for 6 months. You really need to talk with a good attorney who would be knowledgable and give you advice on how to handle this and if bankruptcy is warranted.

Just "letting it go" could be a huge mistake. Lets say they auction it off for $60 k, that leaves $47 k plus fees for you, with no RV and a Repo on your credit report.

 

[Water Dog]

You really need to talk with a good attorney who would be knowledgable and give you advice on how to handle this and if bankruptcy is warranted.

I agree, if you are pushed to filing bankruptcy, be sure and check with a bk attorney on the timing. The last thing you want to do is have to file bk and then not have the default balance charged off.

 

[Wendy]

Anyone thinking of filing bankruptcy because they can't make an RV payment better be sure they don't have any assets and no equity in anything. It's not just the RV that would be involved in a bankruptcy, it's everything you own. It may be your only solution but it should be a last solution.

Wendy

 

[Gary RV_Wizard]

Wendy & Barry are saying the same thing. The bank will send a 1099 for the portion of the loan that is forgiven, i.e. you are not required to pay back. That part of the loan becomes a gift and is taxable.

 

[Gary RV_Wizard]

jmercado...
You are asking for a cut & dried answer where there is none. Your bank will  decide what to offer for repayment terms depending on their own situation, their policies and their assessment of your situation. The terms are probably negotiable to some degree, so you need to discuss it with them (the bank). Nobody here can tell you what your particular bank will do, because there are no standard or typical terms in this sort of situation..

 

[tallyo]

One more time. Deal with the management of your bank to find out what they will or will not do. None of us dime store attorneys here are going to help you financially. So it would be very wise to seek professional advice.

 

[bucks2]

Not bad. 23 posts to get back around to exactly what was said in the 4th post. Go talk to the banker. Find out exactly what they will or won't do. Then, make the best decision based on the facts.

Ken

 

[jmercado]

Bucks2: I don't need you or anybody else to be sarcastic about my post. It's a forum, this what you do, you talk about things & possibly get answers or ideas. I'm not looking for a cut & dry answer and certainly NOT heading for bankruptcy.

I thought maybe somebody out there is going through or has been through the same situation. I've talk to my bank and they can't give me an answer either until the RV has been auction off. At that point they can give a better idea how long they can give me to pay the difference.

Thank you all for your input!

 

[shakenbake]

I go to a lot of auctions. Most people leave their vehicle trashed when it get's repoed or turned in. I'm sure you keep your MH real nice but I would suggest that you turn it over in it's best possible condition. This may help the auction price go up. Buyers will see that it was well taken care of. Also see if the bank will display or advertise all of your service records during the sale. All of the buyers will most likely be RV wholesalers and will like to see those things.

 

[bucks2]

Bucks2: I don't need you or anybody else to be sarcastic about my post. It's a forum, this what you do, you talk about things & possibly get answers or ideas. I'm not looking for a cut & dry answer and certainly NOT heading for bankruptcy.

I thought maybe somebody out there is going through or has been through the same situation. I've talk to my bank and they can't give me an answer either until the RV has been auction off. At that point they can give a better idea how long they can give me to pay the difference.

Thank you all for your input!

I think you've totally misread my post. Go back and see who made the 4th post, in good faith, to help with your problem.

Since you haven't said that you talked to your banker and he couldn't/wouldn't help you until now, we've been shooting in the dark without the information you already had but didn't share. When you talk to the bank you need to find the person that makes decisions and can help. You haven't found him/her yet. As I stated in Post #4, there are people that can make it work, you just have to find them.

It sounds like you're really stressed lashing out at people. I hope you find a solution to this problem and a way to avoid it in the future.

 

[jmercado]

BUCK2: It's not that I'm stressed out or lashing out, I just can stand people like yourself that are sarcastic and condescending & think they know it all. Again, I was hoping to hear from someone that has been through this situation & that could help. It's apparent you?re not that person. Do yourself a favor and get a life!

 

[Molaker]

BUCK2: It's not that I'm stressed out or lashing out, I just can stand people like yourself that are sarcastic and condescending & think they know it all. Again, I was hoping to hear from someone that has been through this situation & that could help. It's apparent you?re not that person. Do yourself a favor and get a life!

Nothing will slam the door shut to assistance quicker than this kind of response.  Good luck with your problem.

 

[Gary RV_Wizard]

OK, folks. Enough with the personal remarks. I think all that can be constructively said on this topic has already been said, so let's wait until jmercado has some further status to report from his banker.

 

[bucks2]

BUCK2: It's not that I'm stressed out or lashing out, I just can stand people like yourself that are sarcastic and condescending & think they know it all. Again, I was hoping to hear from someone that has been through this situation & that could help. It's apparent you?re not that person. Do yourself a favor and get a life!

Quoted to preserve the post for posterity.

 

[Wendy]

As Gary said, there's nothing constructive left to say so let's just lock this topic.

Wendy